Gold Seeker Closing Report: Gold and Silver End Slightly Lower

The Metals:

Gold fell to $1652.94 in London before it edged up to $1662.42 in midmorning New York trade, but it then chopped back lower into the close and ended with a loss of 0.05%.Silver slipped to as low as $31.343 in the last hour of trade and ended with a loss of 0.5%.

Euro gold fell to about €1265, platinum lost $14.50 to $1579.50, and copper fell slightly to about $3.64.

Gold and silver equities fell a little over 1% by midday and remained near that level for the rest of the day.

The Economy:

The fed’s Beige Book showed that the U.S. economy continued to grow at a "modest to moderate pace” over the last month.

Mortgage applications fall; rates ease: MBA Reuters

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/07 expected at 355,000, PPI for March expected at 0.3%, Core PPI expected at 0.2%, and the Trade Balance for February expected at -$53.0 billion.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil rose after the Energy Information Administration reported that crude inventories rose 2.8 million barrels, gasoline inventories fell 4.3 million barrels, and distillates fell 4.0 million barrels.

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on decent earnings reports and easing debt worries in Europe.Today’s $21 billion 10-year note auction sold at a high yield of 2.043% with a bid to cover of 3.08.

Among the big names making news in the market today were Nokia, Apple, Best Buy, and Las Vegas Sands.

GATA Posts:

Avery Goodman: Morgan Stanley's failure to segregate client assets creates default risk

Rob Kirby: Blythe Masters lays an egg

Mike Kosares: Surging central bank gold demand will guide bull market

What's keeping the gold shares down, and what can we do about it?

Russia Today's 'Capital Account' examines gold and silver manipulation

The Statistics:

As of close of business: 4/10/2012

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.454 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.77: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,626.12: -39.26 change from yesterday’s data.

The Miners:

Nevsun’s (NSU) operating results, Midway’s (MDW) budget, Timmins Gold’s (TGD) record production, AuRico’s (AUQ) production, Loncor’s (LON) drill results, Endeavour Silver’s (EXK) record production, and Silver Bull’s (SVBL) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

- Chris Mullen, Gold Seeker Report

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Additional Resources for today’s Gold Seeker Report can be found:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com

©Gold Seeker 2012

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